World crude oil prices rallied Tuesday after the Monday's plunge, on the eve of U.S. weekly energy stocks report.

New York's main contract, light sweet crude for delivery in June, rose 12 cents to close at 69.53 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery added 67 cents to settle at 70.34 dollars a barrel.

New York price dived 2.63 dollars and Brent had closed down 2. 65 dollars Monday, as traders expected the demand of oil may decrease amid inflation and interest rates hikes.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities.

European Union nations are considering adding a light-water reactor to a package of incentives in order to persuade Iran to give up its uranium enrichment program. The United States reacted coolly on the proposition.

The International Energy Agency lowered on Friday its forecast for the global oil demand this year and said an increase in Iraqi exports had helped boost worldwide production in April.

The Energy Department will update the inventory statistics Wednesday morning.

Source: Xinhua